ADJUVANS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ADJUVANS
Largest movements
- Cash +€257,614
up €257,614 (+332%), from €77,542 to €335,156
mainly Net result for the year (+€100,656) and Trade debts (+€95,433)
- Receivables within one year -€43,570
down €43,570 (-22.0%), from €197,896 to €154,326
of which Trade receivables: -€37,110
- Tangible fixed assets -€26,224
down €26,224 (-5.5%), from €475,949 to €449,725
- Current investments -€16,269
down €16,269 (-2.4%), from €687,631 to €671,362
- Reserves +€100,600
up €100,600 (+8.6%), from €1.2m to €1.3m
of which Distributable reserves: +€100,600
- Trade debts +€95,433
up €95,433 (+321%), from €29,711 to €125,144
- Other debts -€35,548
down €35,548 (-30.6%), from €116,182 to €80,635
- Financial income +€59,711
up €59,711 (+419%), from €14,263 to €73,974
- Gross operating margin -€18,560
down €18,560 (-14.2%), from €130,739 to €112,179
- Taxes +€17,544
up €17,544 (+68.3%), from €25,701 to €43,245
- Depreciation -€13,609
down €13,609 (-31.5%), from €43,197 to €29,588
- Financial charges +€1,364
up €1,364 (+22.3%), from €6,109 to €7,473
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,447,527 | €1,618,953 | +€171,426 | +11.8% |
| Fixed assets | 21/28 | €475,949 | €449,725 | -€26,224 | -5.5% |
| Tangible fixed assets | 22/27 | €475,949 | €449,725 | -€26,224 | -5.5% |
| Land and buildings | 22 | €423,548 | €410,755 | -€12,792 | -3.0% |
| Plant, machinery and equipment | 23 | €2,140 | €1,767 | -€373 | -17.4% |
| Furniture and vehicles | 24 | €49,038 | €36,183 | -€12,855 | -26.2% |
| Other tangible fixed assets | 26 | €1,224 | €1,020 | -€204 | -16.7% |
| Current assets | 29/58 | €971,578 | €1,169,228 | +€197,650 | +20.3% |
| Amounts receivable within one year | 40/41 | €197,896 | €154,326 | -€43,570 | -22.0% |
| Trade receivables | 40 | €183,493 | €146,383 | -€37,110 | -20.2% |
| Other amounts receivable | 41 | €14,403 | €7,943 | -€6,460 | -44.9% |
| Current investments | 50/53 | €687,631 | €671,362 | -€16,269 | -2.4% |
| Cash at bank and in hand | 54/58 | €77,542 | €335,156 | +€257,614 | +332% |
| Deferred charges and accrued income | 490/1 | €8,509 | €8,384 | -€124 | -1.5% |
| Total equity and liabilities | 10/49 | €1,447,527 | €1,618,953 | +€171,426 | +11.8% |
| Equity | 10/15 | €1,269,217 | €1,369,873 | +€100,656 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,171,659 | €1,272,259 | +€100,600 | +8.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,169,799 | €1,270,399 | +€100,600 | +8.6% |
| Profit (loss) carried forward | 14 | €78,958 | €79,014 | +€56 | +0.1% |
| Amounts payable | 17/49 | €178,310 | €249,080 | +€70,770 | +39.7% |
| Amounts payable after more than one year | 17 | €2,090 | €2,090 | = | 0.0% |
| Other amounts payable | 178/9 | €2,090 | €2,090 | = | 0.0% |
| Amounts payable within one year | 42/48 | €175,405 | €244,661 | +€69,256 | +39.5% |
| Trade debts | 44 | €29,711 | €125,144 | +€95,433 | +321% |
| Suppliers | 440/4 | €29,711 | €125,144 | +€95,433 | +321% |
| Taxes, remuneration and social security | 45 | €29,512 | €38,882 | +€9,371 | +31.8% |
| Taxes | 450/3 | €29,512 | €14,832 | -€14,679 | -49.7% |
| Remuneration and social security | 454/9 | - | €24,050 | +€24,050 | |
| Other amounts payable | 47/48 | €116,182 | €80,635 | -€35,548 | -30.6% |
| Accrued charges and deferred income | 492/3 | €815 | €2,329 | +€1,514 | +186% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,197 | €29,588 | -€13,609 | -31.5% |
| Other operating charges | 640/8 | €5,365 | €5,191 | -€174 | -3.2% |
| Gross operating margin | 9900 | €130,739 | €112,179 | -€18,560 | -14.2% |
| Operating profit (loss) | 9901 | €82,177 | €77,400 | -€4,777 | -5.8% |
| Financial income | 75/76B | €14,263 | €73,974 | +€59,711 | +419% |
| Recurring financial income | 75 | €14,263 | €73,974 | +€59,711 | +419% |
| Financial charges | 65/66B | €6,109 | €7,473 | +€1,364 | +22.3% |
| Recurring financial charges | 65 | €6,109 | €7,473 | +€1,364 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €90,331 | €143,901 | +€53,570 | +59.3% |
| Income taxes | 67/77 | €25,701 | €43,245 | +€17,544 | +68.3% |
| Profit (loss) for the period | 9904 | €64,631 | €100,656 | +€36,026 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,631 | €100,656 | +€36,026 | +55.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.